Your Questions About Check My Mortgage Loan

Lizzie asks…

Why do I have an agricultural loan?

Bought house I live in 4 years ago. Recently went to refinance to the bank which holds my Mortgage. The mortgage originated through a morgage broker, as a “first time buyer, no closing costs (costs rolled into the mortgage)” loan. So now this banker told me he could not refinance me because it was not residential! He told me it was down as an “agricultural loan and what was I farming?” I do not have a farm! I wish I had a farm though, but the house is only on 3.5 acres! Shortly after, I ran a yearly credit check and paid attention to the details of my mortgage, and sure enough My credit report has this house’s mortgage down as “AGRICULTURAL!” Did I get scammed by the mortgage broker? All I remember him saying about anything was , asking if the house was in a rural area, and me saying yes, that it had a low population density and that I am surrounded by 100’s of acres of cornfields. He told me he was doing a “rural zoned” loan for rural areas. Should I do anything? I also remember him saying it was a “rural development” loan but I did not think this meant “developing a farm”, I just thought it was for living in rural areas, keeping the residences developed.

admin answers:

What you have is a USDA Rural Development loan, designed for homes in rural areas. You got it because it allows for zero down and the closing costs rolled into the loan or paid for by the seller. There is no reason that it cannot be refinanced as a conventional loan at this point. Find a different lender or someone smarter at your current lender.

Laura asks…

Which mortgage company is best for someone with a “550” credit score?

I know the score is not good. However over the past year I have paid over 30,000 on past due debts and have very little of them left; just one college loan. My income far outceeds my remaining debt. There is a house that I can get for an unbelievable deal and I don’t want to miss out on it. I don’t want to waste my time or further hurt my credit by having a lot of brokers checking it.

admin answers:

You need to find a broker that does FHA loans…..if you cant do it FHA then you options are LIMITED.

Fha lenders can give you a rate of 7.25% or lower…for a 30yr fixed.

Ken asks…

What does this mean on my credit score?

I’m 20 and I decided to look up my credit score. I recently got a credit card to start building credit. I went to the annual credit report site and filled out my information and it said that “It appears you have a loan mortgage taken out in or around September 2009.” It made me check boxes of different banks and towns if you lived there and none of them were correct. Do they do this for security or is there something wrong with my credit????

admin answers:

These are random questions asked to everyone.

* Forget about your score for now.
What you want to see is the information on your 3 credit reports.
The score costs money and it’s useless.
The 3 reports are free once a year at annual credit report.com

With that credit card, pay it in full each month.
If you carry balances you could be causing serious damage to your credit.
Keep usage small and pay in full when the bill comes in the mail.

Sharon asks…

CATCH 22! If you’re permanently disabled and can not work, how can you get a loan to purchase a home?

I’ve been disabled since 1997 and can never work again; I do, however, have income from worker’s comp. My checks have always been consistent, never late on rent or credit problems. Yet mortgage company’s prequalifications include a job – but I have steady income. Are there programs or alternatives for someone in my position? The disabled want to be homeowners too… Im’ only 33. There has to be a way around this catch 22.

admin answers:

If you have excellent credit you can apply for a “stated” mortgage. That is where you “state” your income but don’t need to document it. It will cost you another .25-.50% on your interest rate but you will be able to buy a home.

Good Luck

Mary asks…

When will my earnest check be cashed?

Today making an offer to buy a new construction condo. I have a pre-approved loan through 5th 3rd bank but I’m going to apply for a ctx mortgage. Ctx is the builder lender and if I use them I get additional incentives. On average how soon will they cash my earnest money check. I’m in the state of Tennessee. In my offer I will have the closing date as 11-13-2009. Also has anyone worked with ctx mortgage, any good or bad experiences to share?
Thanks everyone

admin answers:

Once the builder accepts your offer (signs the contract) they will deposit the check the same day or next.

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Your Questions About Check My Mortgage Loan

John asks…

When you sign a lock in agreement and gave them a check of 1% of the loan ,is this refundable?

I got another mortgage commitment from another bank with a lower and a much better deal.But i dont know if I could still get my check?

admin answers:

You are out of luck. The 1% that you paid is paid to the lender to set aside funds at the rate you locked. You are breaking the commitment by going elsewhere so you lose the money.
Really sad- I work for a mortgage company that does not charge to lock rates. You need to look at the overall picture & decide which will be best for you.
Good luck!

Nancy asks…

What kind of a mortgage loan can I obtain if my credit is horrendous?

I want to purchase a peice of property (A House in GA) that is dirt cheap, but my credit is so horrible I cannot even get a credit card. Are there any programs out there that I can apply for; with out my credit score being checked so often?

admin answers:

Buying real estate is easier than say purchasing a car since you cant drive a house to another state. If you are a first time buyer you might want to check with local gov where you are about getting a grant to pay your complete down payment to get you moved in and you can also get in a govt program where they have you make smaller pmts now while your income is limited and larger payments later when your situation gets better. You must have a decent education and a good job however .

Michael asks…

How long does it take after a closing for a loan officer to get paid his commission check???

I am a loan officer for a mortgage company. I only make commission. I recently had my first closing and am wanting to find out how long it takes to get paid. Any loan officers out there that work off of commission only know this answer???

admin answers:

Not sure about loan officers but I do know that at closing, funds are dispersed immediately. Your broker will have your commission. In real estate, I usually had my commission within 24 hours of my broker receiving funds.

Maria asks…

Can I refinance with a 580 credit score?

I have an extremely high interest rate on my mortgage & really want to refinance. I am just approaching the one year mark of my mortgage & only have 1 late payment & that is only because I mailed my mortgage check to my auto loan by mistake. I’m not looking for 4% or anything, but I have 11.3% right now & would like to get around 6% or 7%. Any suggestions are appreciated.

admin answers:

With that credit score, you will need to save up and have at least 20%, or perhaps 30% down payment on the refinance. Also, no excuses are good enough for a late payment. Set up automated payment from your bill-paying services at your bank.

That interest rate is outrageous. How did you ever get into that rate a year ago! Get a second job and save, save, save so you can refi with substantial equity, and with another year of on-time payments. Also, get your other debt paid off to bring your FICO score up.

Good Luck.

Laura asks…

Can I get a mortgage loan with poor credit history?

We filed bankruptcy 2 years ago. And Now our dream home is finally back on the market. My (live together for 4yrs) Fiance has a really good job for our area but only been there about 4 mths. We checked his credit score a couple mths ago and it was 534. Does anyone know where we can get a loan with short time on the job and low credit score??????

admin answers:

Not these days. Mortgage loans now are only given to people who have earned the right to have one. The days of giving out loans to anyone who applied ended about 2 years ago. You need to get that credit score up AT LEAST another 100 points PLUS be at the job for one year.

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Your Questions About Mortgage Payment Calculator

George asks…

What would my monthly mortgage payment be on a $250,000 house with a 20% down payment in North Carolina?

I know there’s mortgage calculators but they do not include property taxes or homeowner’s insurance. I want as realistic as possible. Also, could we afford this house comfortably on a $75,000 annual salary pre-tax?

admin answers:

Hypothetical: Numbers are estimated only.

$250,000 purchase price
$50,000 Down Payment
$200,000 Loan amount @ 4.25% For conventional loan = $983.88
Taxes on $250,000 Home = $3125 / 12 months = $260.42
Homeowners insurance = $800 per year / 12 = 66.67 / mo
—————————-
Payment = $1310.97 PITI / Income = $6250

DTI = 21%

Conclusion. If you have no other debt you could easily afford this. The first poster has no idea what they are talking about. A 21% back end debt ratio is extremely low and you are right in the price range you should be in. Consult an actual, licensed mortgage professional for assistance.

Robert asks…

I need calculator to compute mortgage payments with making extra payments on principal?

I will continue to make the regular monthly payments,I need to be able to calculate how long it will take if I make additional payments on the principal loan amount

admin answers:

An easy to use online calculator is the solution to all your mortgage problems.I like the homefellas one coz it has everything on the same page and i don’t have to keep searching for “key words”
here is the link :
http://www.homefellas.com/blog/mortgage-calculator-with-taxes-and-insurance.hf

Jenny asks…

Mortgage payment $$$?

I am just looking and I found a condo in Gilbert, AZ for $165,000 that I am interested in.

I was just wondering what the average mortgage payment for a property of that amount is. I do not have $$$ for a substantial down payment but I am a first time buyer and I know they do get some breaks.

I tried the online calculators but I don’t know what the taxes and interest rates are so I couldn’t fill it out…please don’t just direct me back to one of those sites.

Does anyone know what kind of mortgage payment I’d be looking at???
Am I correct that first time buyers get a percentage of the price towards a down payment? If so, that amount would be my down payment (x% of 165000 = down payment).

I have good credit. I do not know the interest rate…that is why I was asking!! (jeeze!!!!!!!!) I guess a 30 year mortgage. I don’t really know that much about fixed and adjustable, I think fixed sounds better in the long run. I know I don’t want “balloon”!

admin answers:

You have to know the interest rate in order to figure out what the mortgage payments will be! You also have to decide what kind of mortgage you want (fixed? Adjustable?),how long you want the mortgage to be (15 yrs? 20? 30?), and whether or not you’re going to pay any points at closing.

We can’t give you numbers that are even remotely close to accurate without you making up your mind about these things.

For example, say you borrow $150,000. A 30-year 3/1 fixed/adjustable mortgage at 5.875 percent with no points would have a monthly payment of $888 (that’s just principal and interest; that’s not including taxes). A 20-year fixed mortgage at 6.5 percent with no points would have monthly P&I of $1,119. A 30-year fixed mortgage at 6.125 percent with two points would be $912. A 30-year adjustable (1-yr ARM) at 5.625 percent with one point would be $864 a month — at least for the first year, and then it would be more after that. Taxes could add anywhere from $50 to $500 a month, depending on property values where you live.

So, you see, you have to come up with more definite numbers for some of your variables. Unless you’re content with the only answer we can provide right now, which would be something like “Well, your total payment could be anywhere from $500 to $1500 per month.”

Thomas asks…

How could I work out my monthly mortgage payments if I only had a pen and paper?

I know I could use a simple mortgage calculator, but I am curious to know how my mortgage payment is arrived at. Is it cumulative interest plus principal divided by years and months. Please could you supply a detailed example as I not too hot with maths. For example a £100000 mortgage at 5% over 25 years.

admin answers:

There is a formula for the monthly mortgage payment, M, in terms of the monthly interest rate, i, the loan amount, P, and the number of months in the repayment period, n. The formula is

M = i*P * (1+i)^n / ((1+i)^n – 1)

It will probably be less confusing with a concrete example. Take, for example, your suggestion of a 100,000 mortgage at 5% interest for 25 years. That gives a monthly interest rate (i) of .05/12 = 0041666667 and a repayment period (n) of 300 months.

The first thing to do is calculate 1.0041666667 raised to the 300th power. (You will find this MUCH easier using a calculator, but you could also do it with pen and paper.) I get

1.0041666667 ^ 300 = 3.48129

Plugging this result and the other numbers into the formula, you get

M = .0041666667 * 100000 * 3.48129 / 2.48129

M = 584.59

Helen asks…

How do i add a formula to calculate for adding mortgage insurance?

I have created a simple mortgage calculator which will work out the mortgage payments for a specific loan to value (5%, 10%, 15% down etc) and it will add mortgage insurance and calculate the income required. How do i add a formula which will work out the mortgage insurance for any down payment amount. i’m looking for something like :

if down payment is X then mortgage insurance is Y

in canada the mortgage insurance will change with longer amortization as well
thanks for any help

admin answers:

In the us mortgage insurance will change with the amount financed and how much above the 80% the loan is. The tricky part in putting this in a calculator though is that it will also change some with different loan programs. Basically what I am trying to say is there is no set formula that can be applied to everyone. You can give people an idea, about $80/mo for a $150,000 95% loan but like I said its just going to be an idea since you dont want to give people a % from one program and have them use another and get a different figure.

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Your Questions About Mortgage Rates Calculator

Ruth asks…

How do I calculate what my new payment would be if I refinanced my 30 yr mortgage?

Current rate is 6.375% fixed
Current Payment is $1,671.15 per month
Loan Amt: $242k

I have a BA-35 calculator, but can’t remember how to use it.

admin answers:

What is the new rate?

James asks…

First time buyer…need mortgage advice (UK)?

I’m looking to buy a property currently valued at £220,000. I have used the Halifax mortgage calculator, and provided i have a £22,000 deposit, i can get a variable rate for £1,065pm.

I have a job currently with a monthly wage of around £880pm. However, my parents would be living, and contributing to the mortgage also. I would be paying £300, with them covering the rest on the proviso that when the time comes, and they are no longer with us, i will own the house, and have a tidy investment come retirement age. I am attempting this as a favour to them.

My dad earns over double what the mortgage payment would be and my mum earns roughly £650pm. So, between us we have near enough £4,000 coming in at the end of every month.

Is it possible if i spoke to a financial advisor, i could buy the property, with them contributing to the mortgage, or even have my dad sign on as a guarantor/2nd party?

Thanks,
Claire.

admin answers:

Assuming your credit is ok, not to much debt, and you have the downpayment and everything you and your parents can certainly afford the place with those numbers. Your dad will have to sign in on the mortgage, and maybe your mother too (at least they’ll ask that she be included but you could probably swing it without her). Since they would be on the mortgage they’d have to be on the deed too so you’d be co-owners.

Maria asks…

How much do YOU pay for your mortgage? How much were you preapproved for?

I know this is a personal question, but it seems like something that could be helpful. I hear a lot of “how much can I get with such and such conditions”, and generally people will get pointed off to some mortgage calculator. They are helpful, but putting in the same stats I have gotten some seriously different advice on what I might be able to afford on different calculators.

I am going to be setting up a meeting to get preapproved in the near future, and I know that will give me a better idea of where I stand. However, I haven’t seen any questions about how much you can get preapproved for, versus how much you should actually spend. Is it generally true that you can afford what you get approved for?

Moving on to the main question. I was hoping to stop all this theoretical bologna and get to the real meat of the subject. I wanted to get some responses from real people in real situations, fill out what you can. Thanks!

1) How much were you preapproved for (amount, interest rate, term)?
2) How much did you use from the loan?
3) How much did you put up front as a down payment?
4) How much are your monthly mortgage payments (and taxes/insurance too)?
5) How much is the annual gross income of your household?
6) How do you feel that the mortgage payments stack up against your income (are you living above/below your means? are you strapped for cash, or do you think you could’ve afforded a more expensive house? or is it just right?)?
7) Please feel free to add anything else about your situation that you feel adds to the discussion!

Again, I know this is all personal information, so I’m hoping we can keep this all respectful (no knocking on people who took a mortgage too high during the boom or anything disrespectful altogether). Please respond with as much or as little information as you’d like. I just wanted to see if I could get some people to give some real world examples of how this works out, for all of us people who are thinking about buying now and are having a hard time getting any hard and fast evidence on how the system works.

Thanks, in advance, to anyone participating!

admin answers:

This is a great question and I hope a ton of people answer because I would also find this information invaluable. My fiance and I recently went in for a mortgage consultation, they pre approved us for $300,000 with a 10% down payment. I make $54,000 a year, and my fiance makes $30,000. I don’t have the other information in front of me, but we have yet to decide how much of the loan we will actually use. We are in a very similar situation and are wondering how difficult it would be to manage the full loan amount, we will probably borrow around $260,000.

Good luck to you!

Donald asks…

i make 30$ an hour. could i get a 400,000$ mortgage and buy some properties to rent out (i have a 60,000$)?

i make 30$ an hour. about 50,000$ a year. i am single no kids. i want more income so i want to get a 400,000$ mortgage and buy 4 different investment properties.(100,000$ each) from the properties i have been looking at the average income of four apartment buildings would be about 40,000$ a year and that after everything! heat, electricity, taxes everything.

i know that the banks probably wouldn’t give me a 400,000$ loan to blow on a house just for me but where i would be increasing my annual income by approximately 40,000$ by buying apartment buildings could i get the mortgage?

and i also have a 60,000$ down payment. (15% of 400,000$) and i also know that most of my profit will be going on my mortgage payment but with the extra income i would definitely be able to make the payment.

i was looking at a mortgage calculator and a 10year mortgage of 340,000$ (400,000$ – my down payment of 60,000$) at 7% interest rate would be 3930$ a month and my rent income would be 4000$ a month so i would still have 7$ profit.

i cant see why i could not get the mortgage cause i could definitely make the payments but im not a 100% sure so any info would help.

thanks

admin answers:

The way to make this work is for you to buy a 2 or 3 or 4 flat and live in the building. Otherwise it won’t work. Frequently after 4 units, even if owner occupied, you make the higher down payment and pay the higher interest rate, but check around with lenders. You need larger down payment for investment, non-owner occupied dwellings. It’s harder to get loans, there is higher down payment and higher interest rate when not owner occupied. Banks only count 65% of rental income as there could be vacancies.
FYI: Knowitall, There are wrap mortgages that cover more than one property, but doubt he could get one as a novice real estate investor.

Mary asks…

how much do you pay for your home mortgage?

Online mortage calculators seem like they are fulll of lies. I exact same info used has be from 700 a month to over a 1000 (for a loan of about 122,000). I know taxes and interest rate will change, but about how much is your loan and what is your monthly payment? I’ve hear it is about 10% of your mortgage, but I have a really hard time trusting the people that make a living off of selling homes.

admin answers:

The assumptions will change and they can really, drastically affect the mortgage payment. You have to know if they are estimating taxes and insurance or not.

Your loan of 122,000 will have principal and interest payments of $751 (for a 30 year fixed loan at 6.25% interest).

At 4% interest (not saying you can find it, just for the difference in payment) the payment would be $582. At 9% interest that loan would be $982 per month.

Taxes. Taxes can run anywhere from 0.5% of the value per year up to 4% of the value per year. It could range from $508 per year ($60 a month) up to $4880 per year or $410 per month! Insurance, depending upon where you are, could also have a huge range from a few hundred a year to a few thousand.

Then, if you don’t put down 20%, you’ll have PMI (private mortgage insurance) which could add up to another $200 a month onto your loan payment.

It is confusing and depending on what is included in the calculation, it will look very different.

Good luck!

My loan is for $260,000. I pay $1500 a month at 5.5% interest and pay my taxes and insurance on my own (they are not included in the $1500).

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Your Questions About Mortgage Rates Colorado

Lisa asks…

Real Estate prices?

I will be seeing this house today from a realtor who actually owns the house. She says she is selling this unit b/c she needs to live with her elderly parents. Other than that she is telling me how great the house is. How far can I bargain with the price without offending her? It is out for $358,000. How low do you think I can get it for in a buyers market in Colorado. And how much is mortgage rates? I have a credit score of low 700’s… Any advice is appreciated, I am a first time buyer.

admin answers:

Who cares if you offend her. Offer her the market price. You don’t need to pay more than that.

George asks…

Bait and Switch – I am trying to find legal precedence on mortgage loan bait and switch.?

Purchased a home w/ Richmond Homebuilder’s w/ the stipulation to use their loan company, American Home Mortgage. On 9/06 the loan officer qualified us as our credit score is up on the 800. 3 wks before closing she asked for more documentations w/c were faxed to her. Ten days before closing, she claimed she did not received the documents. Was sent again to her, w/ copies to her processor located in Colorado. As business travel was in schedule, I emailed her that for the duration of my trip I will not be able to correspond or provide anymore documents if she needs them. The night before my travel her email came in w/ a rate of 6.25% for the 1st and 8.5% for the second loan and asked to sign the document so that she can locked the rate. It was signed, emailed, and faxed to her the same night. Monday, day of settlement, rates were higher than what was signed. She claimed it’s ‘coz of our high debt ratio. Wasn’t this a bait and switch violation? Any federal and MD state laws applies?

admin answers:

FBI investigate cases of mortgage fraud. Bait and switch.

Carol asks…

Where is the Mortgage bailout? Did the banks forget to bail out the public? Or did the government?

The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

http://news.yahoo.com/s/ap/20090813/ap_on_bi_ge/us_foreclosure_rates

Where did the stimulus money go if not to the people to save foreclosures?
Pat, I don;t have a mortgage. I never spend more than I can afford and I don;t beleive in debt.

I do want to know where the money went since I have to repay it like every person in the USA that pays taxes.

Have you forgotten the debt is now in the trillions? I haven’t.

admin answers:

Foreclosures mostly happen to people who spend liberally or are not willing to work. No bailout should be given because many hardworking Americans pay their bills on time and get shafted when government gives money to unreliable and irresponsible individuals.

Linda asks…

Can any Mortgage Broker help us?

Two years ago we were closing on a house, but we backed out at closing when we noticed that the interest rate we were being charged was much higher than the rate we locked in. We never moved into the house, and it was subsequently sold to someone else.

We never signed the note or the deed of trust. Nevertheless, this mortgage appears on my credit report as unpaid for the last two years. I’ve attempted to remove it with no luck (I’m still working on it but it will take a while).

We’re in Colorado. The house we want to currently buy is $340,000, and we can put 20% down. Yet the lenders we’ve spoken to have said they cannot get us a mortgage until the previous “unpaid” mortgage is off my credit report.

Is there anyone who knows how we can get a mortgage under these conditions? We’re scheduled to close at the end of this month.

Thanks!

admin answers:

Yeah, something is fishy. I am a real estate pro. It makes no sense. I got a friend that lends in Colorado, and deals with hard cases. Feel free to e-mail me at sst_vandy_2000@yahoo.com with your contact info, to hook you guys up.

Jenny asks…

Please help me figure out how much mortgage I can afford for a first time buyer?

I currently pay $800 rent. I am living fairly comfortable, and put about $700 in savings every month.
(I make 32K, and I’m single). I don’t want to be house poor so if I could keep my mortgage payments about the same as my current rent payment, that would be desirable. I don’t understand the variables such as property tax and property hazard insurance, and how much that might add
to my monthly bill. I live in Denver, Colorado. What is a typical property tax bill for Denver?
What is a typical hazard insurance bill? How much mortgage would a $800 montly payment get me? For simplicity, please assume zero down payment. My interest rate should be prime rate,
or very good in other words. Thanks much.

admin answers:

I used $600 as the P & I portion of the payment in order to leave about $200 per month to cover taxes, insurance, and PMI.

On a 15 yr fixed @ 6% you can finance about $71K. On a 30 yr fixed @ 6%, you can finance about $100K.

Using 5% interest rate (fixed), the 15 yr amount is $76K and 30 yr is $112K.

Good luck finding that in Denver!

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Your Questions About Mortgage Rates Colorado

Mandy asks…

Anyone know of refinance mortgage rates of 4.5% or -?

Colorado Resident.

Thanks!

admin answers:

Right now the rate on a 15 year mortgage is about 4.8% and on a 30 year 5.30% according to Bloomberg.

Daniel asks…

Bad Credit Mortgage in Colorado….is it possible or should we just file Bankruptcy?

We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)

We are trying to see if this is even possible or if we should just be content renting for several more years.

We are expecting a higher interset rate. I have heard of “B loans” & “sub prime lenders” and have been trying to look into them.

We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?

Will we need 20% down with this bad of credit, or can filing bankruptcy help that?

admin answers:

Filing for bankruptcy won’t help your credit score… It will make it worse. Keep renting, repair your credit. Talk to a loan officer at a bank or credit union about how to improve your credit. Take their advice.

Loans are based on several things. Your credit history, your length of employement at your current job, your debt-to-income ratio, the value of the collateral (in this case property) compared to how much you want to borrow, AND your ‘character’ as perceived by a loan office.

You don’t always need 20% down payment… Sometimes that amount can be a second loan.

Bankruptcy is not for ‘convenience’ sake. It is SUPPOSED to be for those who can’t repay their debts due to some significant situation which IS BEYOND THEIR CONTROL. It will NOT improve your credit rating. It will NOT improve your chances of getting a loan and it will NOT improve the terms of any loan you get.

Repair your credit rating. You created it yourself…fix it yourself. It can and has been done.

Chris asks…

I am trying to refi my adjustable rate mortgage. Am I eligible for an FHA mortgage?

Unfortunately I am at about a 78% Loan to Value because of my low appraisal and I do not want to pay for mortgage insurance. Can I do an FHA instead? I am current on my payments, make $40k per year and live in Colorado.

admin answers:

Yes, FHA will loan up to 97% LTV so you are eligible. All FHA loans have mortgage insurance. You can never eliminate MI on FHA so that doesn’t work for you, though..

Jenny asks…

For Realtors only–what can I do as a Mortgage Broker to help you generate business?

I already go to open houses and deliver goodies, I send out rate sheets weekly, I go to all of my closings, we fund our own stuff so no wires. I do not “gas” people on rates or points. Honestly looking for fresh ideas to get your attention. Or what did a broker do that really made you want to work with them. Thanks.

Mortgage Advisor serving Minnesota, Wisconsin, FLorida, and Colorado.

admin answers:

Strip-o-grams!
Jk.
Ummmm….let’s see….
Have a web based finance calculator w/ your exact fees.

Donald asks…

First time buyer! would like to purchase a condo in Colorado – Advise?

We would like to purchase a condo and since it is our first time we have some questions

– which is a good bank/broker to go with for mortgage (we need to mortgage our 20% down payment too!)
– What is a good mortgage interest rate? I was reading about 3% is that for real or just catch?
-how long does it take from choosing the property, getting mortgage etc. and moving in?

admin answers:

With what you know right now about buying a condo the broker you should choose should be the least of your worries. Do you know what area you are looking in and why? Do you have a realtor to represent you? Do you have an attorney to handle the transaction? Do you know how much you have to put down on the property? Do you know what PMI is? Do you know what insurance and taxes will typically run in the area you are looking? Do you know your credit score?

Figure ALL of that out before you worry about who will give you a mortgage.

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The Mortgage Maze Explained

Product Description
Property in Ireland has become an asset – and an aspiration – of greatly increased importance over the past decades. Whether you are a first-time buyer, trading up, purchasing a property to let or remortgaging your home – or any combination of these – “The Mortgage Maze Explained” is the indispensable guide. In clear jargon-free language, Liam Croke explains: how to decide which type of mortgage is most suitable for you; how best to get on the property ladder; what … More >>

The Mortgage Maze Explained

Government Help: Buying a Home

Even if you owned a home before – you can still jump on the bandwagon of the government tax credit for buying a home – even a houseboat. Amazingly enough, this home does not have to be a single-family detached run of the mill type home to receive government assistance.

The Government will help you to buy a houseboat – or a condo or a modular or a town home or a single family detached home. While you must not have owned a home for the last three years before the purchase of this next one, you do not have to be a first time buyer to benefit from this. The home must be purchased before July 1st 2009 (i.e. the closing date must be before June 30th 2009). This tax credit incentive is part of the Housing and Economic Recovery Act of 2008 and gives current purchasers who have been renting for three years the chance to claim a tax credit of up to $7,500.

Your income should not exceed $95,000 per annum (single) and married couples must fall under the modified adjusted gross income level of $170,000. This is the income limit to receive the maximum $7,500 tax credit. You may still be able to qualify for a partial tax credit if you earn more, but beware – everyone only qualifies for up to ten per cent of the purchase price to a maximum of $7,500. This means if you purchase a home that is $75,000 you will qualify for the full ten per cent as it is also the maximum limit – $7,500.

If you buy a home that is $100,000 you will not qualify for ten per cent (which is $10,000) as this is over the maximum allowable of $7,500, so you will get the maximum of $7,500. Under the same rules if you buy a home that is $50,000 (dream on!) then you will only qualify for the maximum ten per cent tax credit. On a $50,000 house, this is $5,000.

As for the rules regarding the duration of the tax credit, remember these tax credits are like a loan, you do not have to ‘return’ them at all for two years, then you may do so at $500 per year. You have 15 years to repay them, so wait until you are settled into your new home, and on your first pay raise – use it all up by repaying your tax credits.

It is easy to claim the tax credit as it can be claimed for on your federal income tax return. If you know that you qualify for the tax credit you can even access the money quicker than by filling in your Federal tax return. IRS Publication 919 contains rules and guidelines for this quick access and you can record this through the W-4 via your employer or as an adjustment through your quarterly estimated tax payment. This will give you up to an extra $7500 that is tax free and can be used as part of your down payment.

If you make use of this advantage, you could save a significant amount of money that you can use for improvements or to knock off a chunk of your mortgage, if it allows for payments on the premium. There’s a lot you can do with that much in savings – use it wisely.

For information on Grayton Beach real estate, contact Michael Taylor, your Destin FL real estate expert, at DestinRealEstateSales.com

Mortgage Broker: a New Home for Your Skills?

A mortgage broker is the advisor assigned to a customer in order to find the right mortgage product. It is mostly an advisory role, explaining complex mortgage options and products to an existing client or a first time buyer. The job also requires a mortgage broker to deal with estate agents, surveyors and mortgage lenders. This means that a mortgage broker needs to be constantly up to date with new or changing guidelines set out by the Financial Standards Agency (FSA) as they would need to communicate these changes to their clients. The mortgage broker job is often pressurised to meet sales targets but this is rewarded with high bonuses called ‘On Target Earnings’. A mortgage broker job can also come with a company car as well as special pension and insurance benefits.

As mortgages are offered in nearly all high street banks and building societies, they are the most obvious place to look for a mortgage broker job. Often mortgage brokers have worked their way up through the company, most often starting in customer services. This form of training will be tailor made to the company that is doing the training as they will only be able to offer in depth teaching on their own way of offering particular mortgage packages, so it is important to consider how you, as a trainee, understands other lender’s packages. However, there are other ways to train for the mortgage broker job. Employers usually run apprentice training schemes where on the job learning is paid for. On the job training schemes also start new employees on different jobs in areas such as insurance to learn all aspects of the mortgage market. Online learning is also becoming an increasingly popular way to study for qualifications and there are several accredited schemes available on the web. As the FSA’s standards on qualifications have become more stringent, it is important that new trainees quickly establish themselves in a particular area of mortgages to specialise in as this will increase employment opportunities.

To train as a mortgage broker, you will need to have gained industry recognised qualifications such as a CeFA (School of Finance Certificate for Financial Advisors) or Certificate and Diploma in Financial Planning. Once these qualifications are gained then a trainee mortgage advisor has an averaging basic salary of £18,000 per year, without commission or bonuses. To be classed as a fully trained mortgage broker, the trainee will need to have undergone further on the job training with supervised meetings with clients in order for employers to assess the progress of the trainee. Once the trainee has successfully underwritten the desired amount of mortgages and tasks, they will then be fully trained and offered promotion or a higher salary. In mortgage broker jobs employers do not select new recruits based on ‘A’ level or degree results, often it is personal motivation, previous customer service experience and most importantly on people skills as the job requires a lot of one on one meetings with a broad range of clients. As the mortgage broker job is people orientated, like any sales related work, the hours are often long with shift work at weekends as well as some evening work (especially if you take an independent, self employed mortgage broker job). Further qualifications are available as the mortgage broker job can lead on to becoming a financial advisor.

Aaron Hill has a decade of experience in the financial services industry. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and the general public alike.